Commodities | Jun 13 2013
After copper's impressive bounce we have fallen back in the ranges. News of continuing softness in the Chinese economy is weighing heavily on sentiment towards the metal. Chinese stockists had been on the bid, however since they have pulled out of the market there has been little support. [China was on holidays Monday to Wednesday, over which the copper price has fallen further.]
We continue to be long at US 3.17 with a stop in place below US3.07.
Chart Point – Copper
Technically, we remain in range and have not yet experienced the break out. Expect more consolidation.
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